H.R. 2392: STABLE Act of 2025
Sponsor
Bryan Steil
Republican · WI-1
HR2392 Legislative Journey
House: Committee Action
May 6, 2025
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94.
House: Vote: 32-17
Apr 2, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 17.
House: Committee Action
Mar 26, 2025
Referred to the House Committee on Financial Services.
About the Sponsor
Bryan Steil
Republican, Wisconsin's 1st congressional district · 7 years in Congress
Committees: Joint Committee on Printing, Joint Committee of Congress on the Library, House Administration
View full profile →
Cosponsors (17)
This bill has 17 cosponsors: 4 Democrats, 13 Republicans, reflecting bipartisan support. Cosponsors represent 14 states: Arkansas, California, Florida, and 11 more.
French Hill
Republican · AR
Ritchie Torres
Democrat · NY
Tom Emmer
Republican · MN
Bill Huizenga
Republican · MI
Daniel Meuser
Republican · PA
Young Kim
Republican · CA
Tim Moore
Republican · NC
Troy Downing
Republican · MT
Mike Haridopolos
Republican · FL
Josh Gottheimer
Democrat · NJ
Sam Liccardo
Democrat · CA
William Timmons
Republican · SC
Committee Sponsors
Financial Services Committee
16 of 53 committee members cosponsored
17 Republicans across this committee haven't cosponsored yet. Mobilize their constituents
What laws does H.R. 2392 change?
3 changes
Sections Amended
Section 3 of Federal Deposit Insurance Act (12 U.S.C. 1813). SEC. 15. AMENDMENTS TO CLARIFY THAT PAYMENT STABLECOINS ARE NOT SECURITIES. (a) Investment Advisers Act of 1940.--Section 202(a)(18) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(18))
adding at the end the following: ``The term `security' does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the STABLE Act of 2025
Section 2 of STABLE Act of 2025.''. (c) Securities Act of 1933.--Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1))
adding at the end the following: ``The term `security' does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the STABLE Act of 2025
Section 2 of STABLE Act of 2025.''. (e) Securities Investor Protection Act of 1970.--Section 16(14) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(14))
adding at the end the following: ``The term `security' does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the STABLE Act of 2025
H.R. 2392 Quick Facts
- Committee
- Financial Services
- Chamber
- House
- Policy
- Finance and Financial Sector
- Introduced
- Mar 26, 2025
Placed on House floor schedule, Calendar No. 68.
May 6, 2025
Who is lobbying on H.R. 2392?
16 organizations lobbying on this bill
STRIPE, INC. | 10 |
MAYER BROWN LLP OBO CIRCLE INTERNET FINANCIAL, INC. | 5 |
TETHER OPERATIONS, S.A. DE C.V.El Salvador | 3 |
XAPO BANK LIMITEDUnited Kingdom | 2 |
NORTHERN TRUST | 2 |
CF SECURED LLC | 1 |
THE CLEARING HOUSE ASSOCIATION | 1 |
CIRCLE | 1 |
RAMP BUSINESS CORPORATION | 1 |
MYSTEN LABS, INC. | 1 |
Showing 1-10 of 16 organizations
H.R. 2392 Common Questions
How much is the penalty for issuing or selling an unauthorized stablecoin under the STABLE Act?
Under the STABLE Act of 2025, unauthorized issuance or sale can trigger a civil penalty of up to $100,000 per day of violation (SEC. 3; SEC. 6).
What assets can back a payment stablecoin under the STABLE Act of 2025?
Under the STABLE Act of 2025 (SEC. 4), reserves must be 1:1 in U.S. currency, Fed deposits, insured demand deposits, Treasuries maturing in 93 days or less, certain overnight Treasury repos, or Rule 2a-7 funds holding only those assets.
Can stablecoin issuers pay interest or yield to holders under HR 2392?
No. Under the STABLE Act of 2025 (SEC. 4), a permitted payment stablecoin issuer may not pay interest or yield to stablecoin holders.
Is there a 2-year ban on algorithmic stablecoins in the STABLE Act?
Yes. Under the STABLE Act of 2025 (SEC. 11), there is a 2-year moratorium on new endogenously collateralized stablecoins that rely solely on another digital asset from the same originator to keep a fixed price.
Can customer stablecoin assets be seized if the issuer goes bankrupt?
Customer assets must be segregated and are not property of the custodian, and customer claims to reserves get priority in insolvency except for administrative expenses under the STABLE Act of 2025 (SEC. 8).
How often would stablecoin issuers have to publish reserve reports under the STABLE Act?
According to HR2392 SEC. 4, issuers must publish monthly reserve reports on their website, and the reports must be examined by an independent registered public accounting firm.
What is the punishment for lying about stablecoin reserves under the STABLE Act?
Under the STABLE Act of 2025 (SEC. 4), knowingly filing a false reserve report can mean up to a $1,000,000 fine and 10 years in prison; willfully filing one can mean up to $5,000,000 and 20 years.
Can a felon serve as a stablecoin company officer or director under HR 2392?
No. Under the STABLE Act of 2025 (SEC. 4), people convicted of felonies involving insider trading, embezzlement, cybercrime, money laundering, terrorism financing, or financial fraud are barred from those roles.
Does the STABLE Act let state-approved stablecoin issuers operate across state lines?
Yes. Under the STABLE Act of 2025 (SEC. 7), a state-qualified issuer may operate in a host state without another charter if it gives that state 30 days' advance notice.
How long do regulators have to approve a bank subsidiary stablecoin application under the STABLE Act?
According to HR2392 SEC. 5, regulators must say within 30 days if an application is complete and decide within 120 days after it is complete; if they miss that deadline, the application is deemed approved.
Based on H.R. 2392 bill text
H.R. 2392 Bill Text
“To provide for the regulation of payment stablecoins, and for other purposes.”
Source: U.S. Government Publishing Office
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